LXXII ADMINISTRATIVE REPORT [eth. ann. 20 



ress, and what it produced is finally consumed. Wealth is that 

 which remains over and above relatively immediate consump- 

 tion. Capital is that part of wealth which is used by its owners 

 in gaining other wealth. Investment is that part of capital 

 which is used by its owners in gaining other wealth as interest, 

 while the capital itself is in other hands in order that it may 

 produce property for these others. Endowment is that ])art of 

 investment which is dedicated to perpetual purposes, which the 

 endowers believe to be important to mankind and from which 

 they do not expect gain for themselves. We call all of these 

 things possessions. 



Corpoyations 



The several forms of |)Ossessiou which we have described 

 lead severally to forms of corporations. We have already 

 defined corporations and shown how a bodv of men m;iv be 

 incorporated by organizing for a })urpose. 



Assisting corporations. Tliat form of possession whicli we 

 have called property, in which the possession is held by the 

 owner for consumption, gives rise to a class of corporations 

 which we will call assisting corporations. They are necessarily 

 temporary in their nature, but they are often organized. A 

 group of forest men unite to make a circle hunt of deer, or a 

 driving hunt of mountain sheep. Such a corporation would 

 belong to this class. The instance to which we have already 

 alluded of the men united to build a log house Avould be another 

 example. In frontier countries the men of a community often 

 unite to build a bridge across a stream, or they unite to work 

 the roads, or they unite to burn the grass-lands that they may 

 be more valuable for the production of natural hay. These 

 instances will suffice to set forth the nature of what we call 

 assisting corpoi-ations. 



Partnership corporations. Two or more men unite by form- 

 ing a partnership to carry on a business together. They com- 

 bine their limited wealth with their common labor. Perhaps 

 they employ assistance, but such assistance is ancillary to the 

 object of the corporation. No further description is needed 

 to set forth the nature of partnership corporations. 



